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Einladung: WIFO-Extern zum Thema "Excess Early Retirement? Evidence from the Norwegian 2011 Pension Reform"
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Sehr geehrte Damen und Herren,
das WIFO lädt Sie herzlich zum nächsten Termin der Vortragsreihe WIFO-Extern ein:
Donnerstag, 17. September, 13:15 Uhr
WIFO, Kleiner Sitzungssaal
Josef Zweimüller (Universität Zürich)
"Excess Early Retirement? Evidence from the Norwegian 2011 Pension Reform"
Abstract:
This paper studies how a major reform of the Norwegian pension system affected
the labor supply and pension claiming behavior of older workers. The 2011 reform
brought three major changes: (i) individuals may start claiming pensions anytime
between ages 62 and 75; (ii) there are actuarially neutral pension adjustments for
early/late claiming; and (iii) pension benefits are no longer earnings tested. This
policy mix implies that the decision of claiming pensions becomes fully disentangled
from the decision of exiting the labor force. Prior to the reform, only workers
covered by a contractual pension scheme (AFP workers) had access to a pension between
ages 62 and 67, while workers not eligible for a contractual pension (nonAFP
workers) could claim pension benefits only from age 67. Moreover, AFP pension
benefits between ages 62 and 67 were earnings tested and not adjusted for postponed
withdrawal. Using a difference-in-differences framework we find that (i) removing
the earnings test and introducing actuarial adjustments has large positive effects on
employment rates of AFP workers, but a large spike in retirement at age 62 remains;
(ii) AFP and nonAFP workers are substantially more likely to claim their pension
already at age 62; (iii) labor supply responses of nonAFP workers occur only along
the intensive margin, while their employment rates remain unchanged.
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Fabian Unterlass
WIFO - Österreichisches Institut für Wirtschaftsforschung
Arsenal, Objekt 20
1030 Wien
Tel.: +43 (1) 798 26 01-477
Fax: +43 (1) 798 93 86
Web: http://www.wifo.ac.at
E-Mail: fabian.unterlass@wifo.ac.at
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